Can I buy a Holiday House with my Super?
In short the answer to this question is no!
Superannuation is governed by a series of rules and one of the cornerstone principles is something called the ‘sole purpose test’. This test is designed to ensure that any investment you make is for the sole purpose of creating investment returns for the benefit of your retirement and if your fund does not meet the test, then it will lose its eligibility to super tax concessions.
With this said, if you feel that an investment property in a holiday destination could make a good investment then it is possible to buy it in a SMSF, but you are not allowed to use it for yourself or any related party to you.
Speak to one of our degree qualified advisers about how this relates to you.
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The content of this presentation is intended to be general information only and has been prepared without taking into account any person’s objectives, financial situation or needs. Each person should consider its appropriateness having regard to these matters or obtain relevant professional financial advice before making any financial decisions. Examples are illustrative only. Each person should obtain any relevant professional financial, taxation and social security advice before making any financial decisions.